Markets Salik confirms Dubai listing, retail offering starts this month By Pramod Kumar September 6, 2022 WAM Salik's board proposed distributing 100% of the company's profit for the second half of 2022 Salik Company, Dubai’s toll gate operator, announced its intention to proceed with an initial public offering (IPO) on the Dubai Financial Market (DFM). A total of 1.5 billion shares, each with a nominal value of AED 0.01, will be offered, representing 20 percent of Salik’s total issued share capital, WAM, the UAE state news agency, reported. The subscription will open on September 13 and is expected to close on September 20 for UAE retail investors. The subscription period will end on September 21 for qualified investors. The Dubai government, represented by the Department of Finance, can amend the offering size before the end of the subscription period, subject to the approval of the Securities and Commodities Authority. The share capital, as of the listing date, has been set at AED75 million ($20.42 million), with the value of each share at AED 0.01. The company intends to pay dividends in April and October each fiscal year. The first dividend will likely be paid for the second half of 2022 by April 2023. Salik expects to pay 100 percent of the net profit after keeping aside the statutory reserves required by law, amounting to AED 37.5 million for the first dividend. Emirates NBD Capital, Goldman Sachs International, and Merrill Lynch International have been appointed as joint global coordinators and joint bookrunners.